Bitcoin Holds Steady Above $78,000 as HYPE Outperforms Amid Rate Hike Bets

Bitcoin traded just above $78,800 during Asian morning hours Tuesday, showing little movement over the past 24 hours as broader risk assets faced pressure. $BTC closed August with a 24% monthly gain, its strongest performance since late 2024, supported by renewed corporate buying and continued demand through spot exchange-traded funds.

Among major cryptocurrencies, HYPE was the standout performer, rising roughly 4%. Ether and solana each declined slightly, while XRP and BNB held relatively steady. Tron and dogecoin saw the sharpest declines, both falling around 2%.

Global Markets React to Oil and Rate Concerns

Asian equity markets mostly moved lower, with Hong Kong’s benchmark index falling alongside declines in major technology stocks. Oil prices climbed following renewed military tensions near the Strait of Hormuz, pushing Treasury yields higher. Market expectations for a Federal Reserve rate hike in September rose significantly following recent hawkish commentary from the central bank chair.

ETF Flows Show Signs of Cooling

Recent data shows bitcoin ETFs attracted strong inflows over nine consecutive sessions before recording an outflow that ended the streak. Since then, the market has struggled to push back above recent highs. Traders are now closely watching Friday’s upcoming jobs report, the last major economic data release before the Fed’s September policy meeting, as a key factor that could influence the next move in bitcoin’s price.